8 Reasons why you should Hire a Private Investigator to Perform Business Background Checks

Background checks are important for your business. It may seem easy to use the internet to look up information about a person or business.

Why is it important for a business to hire a private investigator in Oklahoma City to perform this vital service?

Here are 8 reasons:

  1. Pre-employment background checks

A quick look at stats:

– 46% of resumes reviewed show discrepancies, according to ADP’s 2009 hiring index

– 64% of candidates overstate their accomplishments according to CTPartners, a search firm

– 71% of candidates lied about the number of years that they had held a position

Pre-employment screening can be seen as a line of defense in your business.

It protects your business, assets and employees.Private Investigator

You will get the information that you need to make smart decisions.

You will also mitigate the risk for candidate behavior, for instance fraud, embezzlement, abuse and criminal activity.

A PI will help you to protect your business from negligent hiring.

A PI will ensure that the information that you use to select or deny a candidate a particular position is based on facts.

A PI will save your business time, money and energy.

Hiring a PI will help you avoid finding out that the person is unsuitable for a position after you have already hired and trained them.

Using a PI will ensure that all the necessary screening components are covered.

These components include:

– Aspects that relate to job responsibilities

– Performance

– Qualifications

– Level of involvement in the company

Better still, a PI in Oklahoma knows the laws that govern pre-employment screening.

They will therefore ensure that they do not violate employee privacy rights during screening.

A PI will ensure a ROI from your business and mitigates potential legal procedures.

  1. Business background checks for potential partners

    A picture of Business Background Checks

Another quick look at stats:

– A study by KPMG showed that the top-level management is responsible for 53% of fraud at the workplace.

But why is this? There is a high likelihood that most companies do not perform thorough due diligence on prospective background partners.

Failing to perform a background check on your prospective partner is certainly allowing them to dupe you.

While your partner may not lie on their resume, they definitely will hide something if they have something to hide.

A PI will help you perform a due diligence check before you enter into a business relationship.

A PI will help you access information that you can question your prospective business partner about.

Sometimes, the issues revealed cannot be ignored.

You can access information that will help you leverage your risk.

You need to protect your business against potential risk and failure.

The truth is that most of the times, your PI will reveal some red flags that you need to be wary of.

Here are some of the areas that a PI will cover:

– Financial issues

If your prospective business partner has financial issues like poor credit, bankruptcy, and tax liens, this should definitely raise a red flag.

It doesn’t matter if they will be making financial contributions to the business.

Being in a financial crisis may have resulted from a mismanagement of personal or business funds.

Worse still, such a business partner may look for ways to steal money from the business to solve his or her financial problems.

– Ethical issues

Your PI will perform a background check to identify issues like:

— Bad press

— Pending litigation

—- Other ethical problems

The above issues may signal that the prospective business partner is unscrupulous.

He may steal ideas from your company, or even clients.

Worse still, he may lead your business to litigation.

– Personal issues

Your PI will identify any personal issues that your potential business partner could be grappling with.

Running a business takes time, energy and focus.

Personal issues may make you shoulder all the responsibilities that come with running a business on your own.

As aforementioned, not all reasons call for you to disqualify a potential business partner.

  1. Potential Investments

The fact that it is extremely difficult to raise capital may make you go for any investor.

The internet has resulted in an increase in investment scams.

There are fraudulent companies and false companies.

A company may have a fancy office, a reception and even referrals.

However, these things don’t make it legitimate.

A PI in Oklahoma will help you to verify whether a company is legitimate.

They will check:

– The company’s licensing

– Bankruptcy history

– Tax liens

– Small claim judgements

– Defaults

Your PI will help you know your potential investor’s background in terms of:

– Prior deals

– Industry expertise

– Executive stints

An investor will eventually become your business partner, so you better get to know their background well.

  1. Fraud investigations

Well, if you did not perform a background check on employees, potential business partners and investigators, you could still hire a PI, especially if you do suspect some fraud.

You could suspect ongoing fraud if there are issues like misplaced records, bribery or even missing assets.

Your PI will help you determine whether:

– The assets were fictitious

– Any improper payments were made

A PI will help you track all the people who are involved in the fraud.

  1. Locating debtors

A PI combines business records, assets and people search capabilities to locate a business’ debtors.

They will use background checks and combine them with skip tracing techniques.

  1. Identity Authentication

A PI can help you authenticate the identity of entities like security service providers.

Identity authentication will help your business to enhance its service provision, improve security and compliance as well as decrease cost and risk.

  1. Prevents liability

It is crucial to constantly do screening in your business.

The fact that an employee was clean at the time of hiring does not mean that they cannot be involved in a crime later.

Hiring a PI will help you keep doing background screening every few years.

This keeps your business from liability that may have resulted in crimes committed after pre-employment screening.

  1. It is cheaper

Hiring a PI is cheaper when compared to the cost, time and energy that a litigation involves.

It may also save your company from bad press.

Conclusion

Hiring a private investigator in Oklahoma to perform background checks is vital for a business.

It will save you time, money, energy, and maintain your company’s good reputation.